Mortgage Rates Slide Slowly Downward Still

While not moving dramatically downward mortgage rates continued this past week to set new record lows. According to Freddie Mac and as reported by the Wall Street Journal the average 30-year fixed rate loan fell to 4.49% this past week, down from 4.54% the week prior. Other products trending lower were 15-year fixed loans at 3.95% and five-year adjustable-rate loans at 3.63%. While these rates likely won’t stay this low for the long term, there seems no indication of an immediate move away from these low marks. Homeowners with sharply a higher current rate or who would like a fixed rate loan can look into refinancing. Of course this continued trend of mortgage rates also bodes well for those still looking to buy or may be looking to buy in the near future.

Stephen Woodall

REALTOR, GRI @ Long Realty Company

Stephen has made real estate his full-time career and passion since 2008, primarily specializing in the Foothills & the Northwest Tucson areas of Oro Valley and Marana. He is a multi-million dollar producer, representing both sellers & buyers. Stephen has tremendous experience in new home sales, listing & selling primary residences, listing & selling vacant land, listing & selling luxury homes, investment properties, rentals, and real estate development parcels.